European Central Bank (file photo)

The European Central Bank (ECB) confirmed on June 13 that it has for the first time changed 500 million euros from U.S. dollar reserves to the Chinese RMB, according to the Financial Times. The move is said to reflect the increased use of the Chinese currency and Beijing’s importance as one of the largest trading partners of European nations.

Last year, the RMB was included in the International Monetary Fund’s elite basket of currencies and gained its “special drawing rights.” The ECB’s recent reserve conversion marks another milestone in the RMB's internationalization.

ECB holds foreign exchange reserves in US dollars, Japanese yen, SDR and gold.